Home Insurance Basic Form
When you purchase homeowner's, commercial property or renter's insurance, you typically have a choice of three different levels of coverage: Basic, Broad and Special. The difference between these coverage forms isn't well understood by many property owners and confusion on this topic can lead to large or unexpected gaps in coverage.
Homeowners insurance protects you financially if your home or property is damaged or destroyed by something your policy covers, like a fire or storm. Texas has a Consumer Bill of Rights for homeowners and renters insurance. Your insurance company will give you a copy of the Bill of Rights when you get or renew a policy.
The most basic home insurance policy usually covers at least five coverage areas: Dwelling coverage -- this is what covers your home. Other property -- this is what covers detached structures on your property. Personal property coverage -- this is what covers the property within your home
Broad Form Insurance: Insurance coverage that extends beyond the basics to include rare events that may be of serious risk to the insured. This type of insurance usually requires that a higher
Here we explain what you need to know about the different homeowners insurance types from HO-1 through HO-8 and special policy forms. Read more about policy forms for standalone homes, renters, condo and co-op owners, etc.
Homeowners Policy Basic Form 1 (HO 1) Definition Provides basic named perils coverage for direct damage to property, personal liability coverage, and medical payments to others coverage.